PG&E Corp (PCG) Q4 2022 Earnings Call Transcript
PG&E Corp (NYSE:PCG) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET
Company Participants
Jonathan Arnold - VP, IR
Patricia Poppe - CEO & Director
Christopher Foster - EVP & CFO
Conference Call Participants
Shahriar Pourreza - Guggenheim Securities
Steven Fleishman - Wolfe Research
Julien Dumoulin-Smith - Bank of America Merrill Lynch
David Arcaro - Morgan Stanley
Gregg Orrill - UBS
Richard Sunderland - JPMorgan Chase & Co.
Nicholas Campanella - Crédit Suisse
Ryan Levine - Citigroup
Operator
Good day, and welcome to the PG&E Corporation Fourth Quarter 2022 Earnings Release. Today's call is being recorded. [Operator Instructions]. I would now like to turn the call over to Jonathan Arnold. Please go ahead.
Jonathan Arnold
Good morning, everyone, and thank you for joining us for PG&E's Fourth Quarter and Year-end 2022 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.
First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors that could affect the company's actual financial results are described on the second page of today's fourth quarter and full year earnings call presentation.
The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. And the slides, along with other relevant information, can be found online at investor.pgecorp.com. We would also encourage you to review our annual report on Form 10-K for the year ended December 31, 2022, which was released earlier this morning.
And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.
Patricia Poppe
Thank you, Jonathan. Good morning, everyone, and thank you for joining us on what I know is a busy earnings morning.
As you'll see on Slide 3, this morning, we reported full year 2022 core earnings of $1.10 per share, right on guidance. This was my second year with PG&E with results delivered on plan. No more, no less. As I like to say, we sweat the details so you don't have to.
Our simple, affordable model is designed to maximize work for our customers and deliver on our commitment to you, our investors, each and every year. Our $1.10 EPS for 2022 was up 10% from 2021 as planned. We're also reaffirming our 2023 core EPS guidance range of $1.19 to $1.23, up 10% at the midpoint, along with our previously stated longer-term targets of at least 10% EPS growth in 2024 and at least 9% for '25 and '26.